Vendor Selection - 6 Steps For Evaluating Banking Software Companies

Choosing a bank imaging and/or bank file management system can seem overwhelming. There are many’banking software firms’ out there today, so knowing where to begin can be a challenge. Your organization will likely have many questions as you work through the choice process. In the end, you need to make certain that the needs and requirements of your organization are sufficiently met.

As with any choice, the effective implementation of bank document management applications starts with collecting reliable information. It is very important to remember that choosing a banking software vendor isn’t only about technology. The final product chosen will impact your users and procedures such as exception monitoring, document control, and bank workflow.

The following 6 steps are great guidelines for helping you choose and execute a banking software system that best fits your organization.

Identify Stakeholders and make Your Team - Potential stakeholders to consider include: senior management, compliance and audit sections, loan servicing, lenders, division managers, tellers, trust officers, legal counsel, etc..
Assess your requirements & Specify Prerequisites - After review of current procedures, begin to evaluate which features are”needs” and that are”fantasies”. In addition, start to prioritize your requirements and wishes. Also, develop a slate of questions to ask the banking applications companies you approach.
Evaluate & Select Vendor - Product demonstrations are a valuable way to acquire info about the seller’s product. After taking a look at the item, it’s wise to do a thorough review of the’top vendors’. To do so, perform in depth reference checks and adaptability reviews.
Manage Implementation - To ensure timely implementation, it’s crucial to assign a project supervisor and implement a published timeline. Put into review that guarantee image conversion and sufficient training are completed on time.
Keep Communicating - Open and frequent communication with the seller and internal stakeholders is essential.

Implementation is truly an art form. Financial institutions are no exception to the rule, especially in the present technology established market. For bank imaging systems, this entails putting programs into practice, introducing workflows and achieving goals. It is essential to find a banking software firm that adheres to stringent guidelines, timeframes and workflows for building and deploying software. By adhering to these guidelines, your bank may minimize risk and increase likelihood of successful software launch.